In the Norwich, CT market, closings of new homes dropped year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from 2 a year earlier to 1 after the figure moved from 4 in October 2014 to 1 in October 2015.
1 of the 229 total closings were new home closings, a shift on a percentage basis from 2 out of 234 a year earlier. For new and existing homes, closings sank in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average new home price was $450,000, down from $732,621 a year earlier. This came after a 67.4% drop in October from a year earlier.
There was a decline in average mortgage size on new homes, going from $431,875 last year to $364,500 in November 2015. Average mortgage size on new homes went from $373,631 in October 2014 to $100,000 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 3,230 square feet a year earlier to 2,623 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 24.1% of existing home closings, above 19.4% a year earlier. The percentage of existing home closings involving foreclosures went from 3.9% in November 2014 to 3.1% in November 2015 and REO closings as a percentage of existing home closings jumped to 21.1% from 15.5%.